Solar Financing Options

A properly sized and installed solar electric system can provide a significant percentage of electric needs for many homes, small businesses, larger commercial/industrial buildings, and not-for-profit organizations. NY-Sun provides financial incentives for installing a solar electric system through a Participating Contractor in New York State.

Residential & Small Commercial

In addition to incentives, NY-Sun offers financing options for residential buildings with four or fewer dwelling units and commercial buildings that are used by small businesses or not-for-profit organizations. (These financing options do not apply to large commercial businesses.)

Loans

For residential customers, loans are available for up to $13,000, or up to $25,000 with higher cost-effectiveness standards, with repayment periods of 5, 10, or 15 years.

For small businesses and not-for-profit organizations, Participation Loans of up to $100,000 at below the market interest rate and On-Bill Recovery loans of up to $50,000 at 2.5% interest are available, with repayment periods of up to 10 years.

Eligibility for financing is not based on traditional credit scores, but rather on the building’s ability to save energy as a result of the solar project

The financing is repaid through an annual charge on the tax bill for the property over the term of the loan

The financing automatically transfers to the new owner if the property is sold during the loan term

Financing is available for up to 100% of the project cost, with flexible customizable loan terms up to 20 years

Energize NY offers competitive interest rates (4% to 6.5%) depending upon market conditions and even lower rates for not-for-profits located in Westchester County.

Applying for Energize NY financing is easy, with an online application, fast approvals and customer service to help you through the process. Energize NY financing is currently available in 24 counties, cities and towns in NY and is expanding across the State. See if Energize NY financing is available in your community today.

If you answer “Yes” to the following questions, then you qualify for Energize NY financing and can apply now.

NY-Sun

NY-Sun, a dynamic public-private partnership, will drive growth in the solar industry and make solar technology more affordable for all New Yorkers. NY-Sun brings together and expands existing programs administered by NYSERDA, Long Island Power Authority (LIPA), PSEG Long Island, and the New York Power Authority (NYPA), to ensure a coordinated, well-supported solar energy expansion plan and a transition to a sustainable, self-sufficient solar industry.

Example Questions to Ask Participating Contractors

Meet in person or over the phone with each contractor or their salesperson and ask questions before you make your decision:

What is the best telephone and e-mail for the contractor?

What are my finance options?

What solar panels and inverters do you recommend? Are there are any manufacturer’s extended warranties that last 25 years? Can I have a copy of all applicable warranties?

If my roof needs repairs in the future, what is the process to remove and replace the solar electric system? Is there a leak protection warranty that includes the cost or removal and re-installation of the solar electric system in future years should the roof need to be replaced?

Who is responsible for obtaining the local building permits, inspections, and licensing (if required) in your municipality? (It should be the contractor.)

Who is responsible for establishing interconnection with the utility company? (It should be the contractor. Learn more about interconnection requirements at the NYS Department of Public Service website.)

Do design services include site assessment, design, installation, and commissioning (testing) the system so that it works correctly?

How long have you been participating in NYSERDA solar electric programs? How many installations have you done in my town?

Are you certified by the North American Board of Certified Energy Practitioners as a PV (Solar Electric) Installation Professional, have you completed IBEW PV training, or are you certified by UL as a PV System Installer?

Ask the contractor about net metering, and how you can select the most appropriate anniversary “true up” date. It’s important that any excess generation in the summer months is credited for the use in the winter. Since excess generation is paid at the “avoided cost rate” not your usage rate if the date is not set correctly it will cost you money.